Coal City, Illinois Property Taxes
The median property tax rate in Coal City, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Coal City at $146,964, the typical annual property tax bill reaches $3,426, exceeding the national median of $2,690. Property taxes in Coal City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Coal City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Coal City or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coal City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$3,498
$3,246
Ownwell’s Coal City Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Coal City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coal City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Coal City, Illinois
Property taxes in Coal City, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coal City is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Coal City set these rates annually, and they can vary across different neighborhoods. Each year, Coal City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Coal City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60416 zip code has both the highest and lowest median property tax rate of 2.38%. Understanding how these cities compare with Coal City provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coal City Tax Rate
2.38%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | 1.89% | 2.38% | 2.38% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Coal City, Illinois
In Coal City, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grundy County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Coal City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Coal City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Coal City is $146,964, with median tax bills ranging from $2,497 to $6,568. The zip code 60416 has both the highest and lowest median tax bills at $3,426.
Average Coal City Assessed Value
$146,964
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $61,532 | $105,267 | $146,964 | $200,925 | $295,285 |
Source: Ownwell
Property Tax Bills Across Coal City, Illinois
In Coal City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Grundy County can expect property tax rates to be influenced by local government budgets, school district funding, and other municipal needs. The median home price in Coal City is $146,964, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $2,497, while those in the 75th percentile face bills of approximately $4,636. At the higher end, the 90th percentile sees tax bills nearing $6,568. These tax bills are crucial for funding essential services such as education, public safety, and infrastructure. However, they can also be a significant financial burden for homeowners, impacting their overall cost of living. Compared to the national median property tax rate of 0.99%, Coal City's tax rates reflect the specific needs and priorities of the local community, ensuring that essential services are adequately funded.
Average Coal City Tax Bill
$3,426
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coal City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $1,472 | $2,497 | $3,426 | $4,636 | $6,568 |
Source: Ownwell